'No wiggle room': Why more young Americans are falling behind on car payments
In the last quarter, 4.6% of borrowers under 30 transitioned into serious delinquency – meaning they were at least 90 days overdue on an
payment. This figure is up from a year ago and is the highest percentage since the tail end of the Great Recession in 2009, when it was 4.7%.totaled $162 billion last quarter, down from last year, but an increase from the volume before the pandemic. Of all borrowers, 2.3% were at least 90 days overdue on making their auto loan payment.
The highest rate of serious delinquency was observed among younger Americans. Torsten Slok, the chief economist at Apollo Global Management, told Yahoo Finance that this age group was struggling because they are “more vulnerable” to the ongoing macroeconomic trends.
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